In 2024, federal regulators (including the OCC, the Fed, and others) finalized new quality control standards for automated valuation models — the computer-based tools banks use to estimate property values for mortgage lending. This joint resolution would use the Congressional Review Act to block the rule issued specifically by the Office of the Comptroller of the Currency, effectively nullifying those standards and preventing a substantially similar rule from being reissued. If you own a home or are applying for a mortgage, this could affect how your property's value is assessed.
Congressional Summary
This joint resolution nullifies the final rule issued by the Office of the Comptroller of the Currency, the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Consumer Financial Protection Bureau, and the Federal Housing Finance Agency titled Quality Control Standards for Automated Valuation Models and published on August 7, 2024. The rule requires the implementation of quality control standards for automated valuation models used by mortgage originators and secondary market issuers when determining the value of real estate securing a mortgage.
Details
- Congress
- 119th
- Chamber
- House
- Status
- summarized
- Action
- Introduced in House
- Action Date
- 2025-02-12
- Date Added
- 2026-04-06